Parker-Hannifin (NYSE:PH) Price Target Raised to $770.00 at Wells Fargo & Company

Parker-Hannifin (NYSE:PH - Get Free Report) had its target price boosted by investment analysts at Wells Fargo & Company from $670.00 to $770.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has an "overweight" rating on the industrial products company's stock. Wells Fargo & Company's target price would indicate a potential upside of 7.07% from the company's previous close.

Several other equities research analysts have also commented on PH. Evercore ISI upped their price objective on Parker-Hannifin from $824.00 to $827.00 and gave the stock an "outperform" rating in a research note on Monday, May 19th. Barclays cut their price target on Parker-Hannifin from $750.00 to $700.00 and set an "overweight" rating for the company in a report on Thursday, April 10th. Citigroup decreased their price objective on Parker-Hannifin from $795.00 to $665.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Morgan Stanley initiated coverage on Parker-Hannifin in a research note on Thursday, June 5th. They set an "equal weight" rating and a $700.00 price objective for the company. Finally, Wall Street Zen lowered shares of Parker-Hannifin from a "buy" rating to a "hold" rating in a report on Wednesday, March 19th. Five investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $719.41.

Parker-Hannifin Stock Performance

NYSE:PH traded up $7.69 on Tuesday, hitting $719.15. The stock had a trading volume of 360,526 shares, compared to its average volume of 697,327. The business's 50-day simple moving average is $659.57 and its two-hundred day simple moving average is $643.46. The stock has a market cap of $91.89 billion, a price-to-earnings ratio of 27.69, a price-to-earnings-growth ratio of 3.07 and a beta of 1.34. Parker-Hannifin has a 52-week low of $488.45 and a 52-week high of $720.90. The company has a quick ratio of 0.70, a current ratio of 1.21 and a debt-to-equity ratio of 0.55.

Parker-Hannifin (NYSE:PH - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The industrial products company reported $6.94 earnings per share for the quarter, topping the consensus estimate of $6.72 by $0.22. The firm had revenue of $4.96 billion for the quarter, compared to analysts' expectations of $4.99 billion. Parker-Hannifin had a net margin of 17.14% and a return on equity of 26.80%. The business's quarterly revenue was down 2.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $6.51 EPS. As a group, research analysts predict that Parker-Hannifin will post 26.71 earnings per share for the current year.

Insider Activity at Parker-Hannifin

In other Parker-Hannifin news, VP Jay Reidy sold 150 shares of the business's stock in a transaction that occurred on Friday, May 2nd. The stock was sold at an average price of $620.37, for a total transaction of $93,055.50. Following the sale, the vice president directly owned 2,083 shares of the company's stock, valued at $1,292,230.71. The trade was a 6.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.39% of the company's stock.

Hedge Funds Weigh In On Parker-Hannifin

Several large investors have recently modified their holdings of the stock. HUB Investment Partners LLC grew its position in Parker-Hannifin by 15.7% in the 4th quarter. HUB Investment Partners LLC now owns 7,798 shares of the industrial products company's stock valued at $4,960,000 after acquiring an additional 1,057 shares during the last quarter. SG Americas Securities LLC grew its stake in Parker-Hannifin by 27.2% in the 1st quarter. SG Americas Securities LLC now owns 31,011 shares of the industrial products company's stock worth $18,850,000 after acquiring an additional 6,630 shares in the last quarter. Congress Wealth Management LLC DE increased its position in shares of Parker-Hannifin by 67.8% during the fourth quarter. Congress Wealth Management LLC DE now owns 45,806 shares of the industrial products company's stock worth $29,135,000 after acquiring an additional 18,503 shares during the period. Washington Trust Bank increased its position in shares of Parker-Hannifin by 3,019.5% during the fourth quarter. Washington Trust Bank now owns 15,535 shares of the industrial products company's stock worth $9,881,000 after acquiring an additional 15,037 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Parker-Hannifin by 7.5% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 67,294 shares of the industrial products company's stock valued at $42,801,000 after acquiring an additional 4,668 shares in the last quarter. Institutional investors own 82.44% of the company's stock.

About Parker-Hannifin

Parker-Hannifin Corporation manufactures and sells motion and control technologies and systems for various mobile, industrial, and aerospace markets worldwide. The company operates through two segments: Diversified Industrial and Aerospace Systems. The Diversified Industrial segment offers sealing, shielding, thermal products and systems, adhesives, coatings, and noise vibration and harshness solutions; filters, systems, and diagnostics solutions to ensure purity and remove contaminants from fuel, air, oil, water, and other liquids and gases; connectors used in fluid and gas handling; and hydraulic, pneumatic, and electromechanical components and systems for builders and users of mobile and industrial machinery and equipment.